According to a Jan. 8, 2022, report from St. George News, Ryan Palmer, owner of Salina, Utah, bale wagon repair company Palmer Equipment, has been indicted on 3 charges including bank fraud, wire fraud and money laundering. It was reported Palmer had allegedly “bilked more than 20 individuals out of more than $1.2 million after devising a series of fraudulent schemes that left at least one financial institution over $50,000 poorer.” It was reported that Palmer is not in custody.
The report stated Palmer’s illegal activity began in 2017, which allegedly included delivering defective equipment to buyers, altering or removing serial numbers on pieces of equipment and not repaying a $51,000 loan from a local credit union.
The report states the following:
Court records outline an incident that took place on Oct. 5, 2018, when Palmer received a 1985 Allis-Chalmers 8050 tractor to sell on consignment. According to the agreement between Palmer and the owner, the tractor, with an estimated value of $25,000, was to be sold for no less than $20,000.
Two months later, Palmer and his wife applied for a loan on and used 7 pieces of equipment as collateral to secure the loan, including the Allis-Chalmers tractor, which the defendant said he owned.
On Dec. 18, 2018, the couple received the $51,000 loan that was deposited into their personal checking account at a local credit union and from there, the funds were disbursed between several accounts. Palmer never paid the…
